Hyderabad: Duo arrested for conning 2,000 investors of crores

HYDERABAD: Two persons who cheated several investors on the pretext of commodities trading were arrested in the city on Saturday.
Hyderabad police's Central Crime Station (CCS) said that Multyjet Trade Pvt Ltd managing director Tekula Mukthi Raj and his associate Gattagalla Bhasker were arrested for cheating more than 100 investors, and shutting their Habsiguda office after collecting crores of rupees from victims.

Officials said Multyjet had invited public to invest in trading of commodities for which they reportedly offered 2-3% returns on their investments on a daily basis. Several persons got attracted to the assured returns and started to invest.
"A website was developed and each investor was given access to the website by creating an ID. Once the investor logs into the website, the amount invested by him gets reflected and investor can trade on his investment on 11 commodities. At the end of the day, the investor's profit is shown based on the trends on the commodities in the website," police said.
But the website and the details uploaded about transactions were fake and it was the accused, who allegedly used to uploaded and show profits to the victims. There was no actual trading of commodities. Initially, the fraudsters gave the victims good returns to gain their confidence by rotating the money collected from them.
The accused used to collect information about the trends of commodities through their friend Mustaq of Mumbai and upload the information on their website to gain confidence of the customers. When contacted, Hyderabad joint commissioner of police (CCS) Gajarao Bhupal said there was no audit to know the magnitude of the fraud and police need to investigate further. Till now, 400 victims had approached police and total investors could be over 2,000.